Balance Transfer Question?

Jcts

This may seem like a very silly question so please forgive me but I've never actually done one.

I've just taken out a new balance transfer card, 0% for 18 months and plan on swapping a balance over to this one and then closing my other card. Does this count as a full repayment or will interest still need to be paid on my current credit card?

YorkshireBoy

There will still be some 'residual' interest.

You'll need to pay two consecutive statements in full to stop the interest accruing...or overpay the card via the BT, ie BT more than the current balance. Then when you call to close the old card, ask for this to be sent to you.

Jcts

Thanks, this is what I thought. Can you overpay a BT?

YorkshireBoy

Jcts wrote: »

Can you overpay a BT?

I wouldn't have suggested it if you couldn't.

Jcts

Fair one

scootw1

What happens if your statement says 500 and then you have 60 spending, if you balance transfer can you do the whole 560 or does it have to be what's on the statement?

*Scarlett

If you bt £560 that would put your card in credit and most companies don't like that.

If you have £60 in pending transactions you may be ok.

scootw1

The total balance is 560, 60 of which is new transactions since statement